Hong Kong Stock Review: Hang Seng Index Rises 0.25%, Tech Stocks Diverge, Financial Stocks Rally, Semiconductor Stocks Surge!
Glorious August 12th | Hong Kong Stock three major indices closed with mixed performances, with the Hang Seng Technology Index rising 0.25% and briefly touching the 25,000 mark, while the State-owned Enterprise Index rose 0.32%, and the Hang Seng Technology Index fell 0.38%. The market overall presented a narrow-range oscillation trend.
On the trading floor, large-cap tech stocks exhibited divergent trends. Xiaomi rose 1.77%, while NetEase and JD.com rallied. However, Tencent Music declined by over 9% amid rumors, with Alibaba Group and Baidu falling 1.6% and 1.34%, respectively. As a result of market speculation, the "20CM" concept stock in the semiconductor sector surged, driving up Hong Kong's semiconductor stocks. MacroGaming Semiconductor rose 11.5%, while SMIC and Wahong Semiconductor climbed over 5%. Institutional expectations of further rate cuts led to a surge in insurance stocks, with China Taiping Insurance leading the charge.
In another development, rare earth concept stocks, paper industry stocks, and biotechnology stocks led the declines. Biotech companies such as Boao Biotechnology and Lijiujian Biotechnology fell sharply, along with logistics, vocational education, and military-industrial complex stocks.